Did you know?
Posted on May 3, 2018
Did you know the average reverse mortgage borrower is not in financial distress?
Rather, the typical person doing a reverse mortgage is the retiring boomer who watched a parent’s financial situation later in life and is determined to avoid a financial crunch down the road.
And did you know there are two “flavors” of reverse mortgage, a refinance and a purchase?
Typically, the homeowner doing a reverse mortgage refinance is the baby boomer putting together a long-range financial plan. The homebuyer using a reverse for purchase is looking to buy a home without pinning down a huge chunk of cash or taking on a new 30-year mortgage during retirement.
A reverse mortgage is not mysterious, nor exotic, nor any more complex than any other loan. It is simply a home loan repaid when the last title-holder permanently vacates the property.
So if this looks like it fits your retirement goals, or the goals of someone you love, give me a call. I always love hearing from you.